MLPD vs. AMLP

Last updated Jun 4, 2026

MLPD (Global X MLP & Energy Infrastructure Covered Call ETF) and AMLP (Alerian MLP ETF) are both exchange-traded funds - MLPD is a Derivative Income fund tracking the Cboe MLPX ATM BuyWrite Index, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past year, MLPD returned 15.24% vs 17.06% for AMLP. A 0.70 correlation means they provide meaningful diversification when combined. MLPD charges 0.60%/yr vs 0.90%/yr for AMLP.

Performance

MLPD vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) and Alerian MLP ETF (AMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPD achieves a 5.20% return, which is significantly lower than AMLP's 16.31% return.

MLPD

• 1D: 0.22%
• 1M: -0.32%
• YTD: 5.20%
• 6M: 6.70%
• 1Y: 15.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMLP

• 1D: -0.27%
• 1M: -0.57%
• YTD: 16.31%
• 6M: 14.89%
• 1Y: 17.06%
• 3Y*: 20.15%
• 5Y*: 16.90%
• 10Y*: 6.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MLPD vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	5.20%	11.77%	9.42%
AMLP Alerian MLP ETF	16.31%	5.78%	6.80%

Correlation

The correlation between MLPD and AMLP is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 9, 2024	0.70

The correlation between MLPD and AMLP has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

MLPD vs. AMLP - Sectors Allocation Comparison

Sectors	MLPD	AMLP
Energy	100.0%	97.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	2.3%

Return for Risk

MLPD vs. AMLP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLPD

MLPD Risk / Return Rank: 62
MLPD Sharpe Ratio Rank: 62
MLPD Sortino Ratio Rank: 59
MLPD Omega Ratio Rank: 64
MLPD Calmar Ratio Rank: 64
MLPD Martin Ratio Rank: 59

AMLP

AMLP Risk / Return Rank: 39
AMLP Sharpe Ratio Rank: 40
AMLP Sortino Ratio Rank: 39
AMLP Omega Ratio Rank: 37
AMLP Calmar Ratio Rank: 38
AMLP Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MLPD vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) and Alerian MLP ETF (AMLP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MLPD	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.45	+0.63
Sortino ratio: Return per unit of downside risk	2.78	2.03	+0.75
Omega ratio: Gain probability vs. loss probability	1.39	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	3.19	1.92	+1.27
Martin ratio: Return relative to average drawdown	10.41	6.37	+4.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPD vs. AMLP - Sharpe Ratio Comparison

The current MLPD Sharpe Ratio is 2.08, which is higher than the AMLP Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of MLPD and AMLP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MLPD	AMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	1.45	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.22	+0.92

Drawdowns

MLPD vs. AMLP - Drawdown Comparison

The maximum MLPD drawdown since its inception was -12.90%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for MLPD and AMLP.

Drawdown Indicators

	MLPD	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-77.19%	+64.29%
Max Drawdown (1Y) Largest decline over 1 year	-4.80%	-8.94%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-1.77%	-4.10%	+2.33%
Average Drawdown Average peak-to-trough decline	-1.12%	-17.40%	+16.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	2.68%	-1.21%

Volatility

MLPD vs. AMLP - Volatility Comparison

The current volatility for Global X MLP & Energy Infrastructure Covered Call ETF (MLPD) is 2.91%, while Alerian MLP ETF (AMLP) has a volatility of 4.91%. This indicates that MLPD experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLPD	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	4.91%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	5.32%	8.66%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	11.90%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.40%	19.98%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.40%	27.68%	-16.28%

MLPD vs. AMLP - Expense Ratio Comparison

MLPD has a 0.60% expense ratio, which is lower than AMLP's 0.90% expense ratio.

Dividends

MLPD vs. AMLP - Dividend Comparison

MLPD's dividend yield for the trailing twelve months is around 13.44%, more than AMLP's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.64%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
MLPD Global X MLP & Energy Infrastructure Covered Call ETF	13.44%	13.45%	6.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPD and AMLP in my portfolio?

MLPD and AMLP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPD or AMLP?

AMLP has higher volatility (4.91%) compared to MLPD (2.91%). In terms of maximum drawdown, MLPD dropped -12.90% vs AMLP's -77.19%.

Which ETF is better, MLPD or AMLP?

On 1-year performance, AMLP leads with 17.06% vs 15.24% for MLPD. On fees, MLPD is cheaper at 0.60% per year. On volatility, MLPD has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPD or AMLP?

Over the 1-year period, AMLP has performed better with a 17.06% return vs 15.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPD or AMLP?

MLPD is cheaper with a 0.60% expense ratio, compared with 0.90% for AMLP.

Which ETF pays a higher dividend yield, MLPD or AMLP?

MLPD has the higher dividend yield at 13.44%, compared with 7.64% for AMLP.

What is the main difference between MLPD and AMLP?

MLPD is categorized as Derivative Income, while AMLP is MLPs. MLPD tracks Cboe MLPX ATM BuyWrite Index, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: Global X and SS&C. Their fees differ too: 0.60% for MLPD and 0.90% for AMLP.

Which has better risk-adjusted returns?

MLPD currently has the higher Sharpe Ratio (2.08 vs 1.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.